Punch & Associates holds 5.6% of i3 Verticals

Punch & Associates Investment Management, Inc. reported beneficial ownership of 1,099,486 shares of i3 Verticals, Inc. common stock.

Rhea-AI Filing Summary

Punch & Associates Investment Management, Inc. reported beneficial ownership of 1,099,486 shares of i3 Verticals, Inc. common stock. This represents 5.6% of the class. Punch & Associates has sole voting power and sole dispositive power over all of these shares, with no shared voting or dispositive authority.

Key Figures

Shares beneficially owned: 1,099,486 shares Percent of class: 5.6% Sole voting power: 1,099,486 shares +3 more

6 metrics

Shares beneficially owned 1,099,486 shares Beneficial ownership of i3 Verticals common stock

Percent of class 5.6% Percentage of i3 Verticals common stock class held

Sole voting power 1,099,486 shares Shares over which Punch & Associates has sole voting power

Shared voting power 0 shares Shares over which Punch & Associates has shared voting power

Sole dispositive power 1,099,486 shares Shares over which Punch & Associates has sole dispositive power

Shared dispositive power 0 shares Shares over which Punch & Associates has shared dispositive power

Key Terms

beneficially owned, Sole Voting Power, Sole Dispositive Power, Percent of class

4 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 1099486"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power financial

"5 | Sole Voting Power 1,099,486.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"7 | Sole Dispositive Power 1,099,486.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Percent of class financial

"Item 4. | Ownership (b) | Percent of class: 5.6%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in i3 Verticals, Inc. (IIIV) does Punch & Associates report?

Punch & Associates reports 1,099,486 shares of i3 Verticals common stock. This holding represents 5.6% of the outstanding class, making the firm a significant beneficial owner with a disclosed minority position.

Does Punch & Associates have voting control over its IIIV shares?

Yes. Punch & Associates reports sole voting power over 1,099,486 shares of i3 Verticals. It reports zero shared voting power, indicating exclusive authority to vote or direct the vote for this position.

What dispositive power does Punch & Associates hold in IIIV stock?

Punch & Associates has sole dispositive power over 1,099,486 shares of i3 Verticals common stock. It reports no shared dispositive power, meaning it alone can decide whether and how to dispose of these shares.

Where is the beneficial owner of IIIV shares, Punch & Associates, based?

Punch & Associates’ principal business office is at 7701 France Ave. So., Suite 300, Edina, MN 55435. The firm is organized in Minnesota, as reflected in the Schedule 13G ownership disclosure.

What class of IIIV securities is reported as owned by Punch & Associates?

The filing concerns Common Stock of i3 Verticals, Inc. Punch & Associates reports its beneficial ownership and related voting and dispositive powers specifically with respect to this common stock class, identified by CUSIP 46571Y107.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 09:01 AM Accepted by SEC EDGAR 08/14/2026 - 09:00 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

i3 Verticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46571Y107

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 46571Y107

1

Names of Reporting Persons

Punch & Associates Investment Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,099,486.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,099,486.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,099,486.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: i3 Verticals, Inc.
(b)	Address of issuer's principal executive offices: 40 BURTON HILLS BLVD., SUITE 415, NASHVILLE, TENNESSEE, 37215
Item 2.
(a)	Name of person filing: Punch & Associates Investment Management, Inc.
(b)	Address or principal business office or, if none, residence: 7701 France Ave. So., Suite 300 Edina, MN 55435
(c)	Citizenship: Minnesota
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 46571Y107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1099486
(b)	Percent of class: 5.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1099486
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1099486
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Punch & Associates Investment Management, Inc.

Signature:	/s/ Howard D. Punch, Jr.
Name/Title:	Howard D. Punch, Jr./Chief Investment Officer
Date:	07/06/2026